Caterpillar Plans Major Layoffs

(Peoria, IL) — Construction equipment giant Caterpillar plans to lay off ten-thousand workers as a way to cut operating costs by one-and-a-half-billion dollars. Most of those layoffs will happen by the end of the year and are traced to a reduction of orders from China for mining equipment. In a separate message from CEO Doug Oberhelman, the company says it remains committed to its Peoria headquarters, but it’s not clear how many of the job cuts will come at Illinois plants.